Gold extends fall on weak global cues, sluggish demand

New Delhi: Falling for the third straight day, gold prices today dropped by Rs 80 to Rs 26,730 at the bullion market largely in tandem with weakening trend in global markets amid low demand from jewellers.

However, silver strengthened by Rs 275 to Rs 35,575 per kg on increased offtake by industrial units and coin makers.

Bullion merchants said a weak trend overseas after the European Central Bank signalled it could increase stimulus, which boosted the dollar and reduced demand for a safe haven, put pressure on the precious metal prices here.